Sunday, February 21, 2016

How To Get A Mortgage In 2016

By John Guy

Over the course of the recession, many people have asked me how to get a mortgage. Many lenders have added extra clauses and conditions to their offerings and even withdrawn certain products. First-time buyers have been affected more than most and many have been forced out the market. However, signs are looking more positive and as the economy is stabilizing here's a guide to maximize securing yourself the best mortgage deal you can.

There's 2 problems with going to a bank. 1) is that usually your mortgage application be declined. 2) is that if you are approved for your mortgage it won't be at the best interest rate. This is especially the case with people who are self employed. They most often get declined for there mortgage when they go to a bank. So when you're figuring out how to get a mortgage what you want to do instead is go to a Mortgage Broker. You can find them in your area listed in the yellow pages, or online. A mortgage broker is a professional middleman who deal with getting ordinary people like you a mortgage. They shop various lenders to find you the best interest rate on your mortgage.

There are also some ways of increasing a credit score but the lenders are not looking forward to a higher credit score in just days, instead they want consistency in your credit reports for approving an appropriate mortgage amount. After having an appropriate credit score, it is time to apply for the best Home Loan Mortgage for getting a mortgage in BC. Nowadays, most of the famous banks are offering conventional Mortgage but they do not have a verity of mortgages and also they have a fixed interest rate.

As opposed to a few years back before the economic downturn, you'll need a substantially larger deposit. To get the very best rates expect to need to give a 25% deposit and if you only have to put 10% down then you'll be paying a premium rate. There are also much fewer mortgages available that need only 10% deposit in the current climate and credit scoring is stricter than ever so you'll need to have an excellent credit rating too!

You have to make a down payment and prove your assets while applying for Mortgage as a measure of security. You have to pay the amount of mortgage per month with interest rate until the mortgage contract is not completed. Once the contract of mortgage is completed then you become the full owner of the property. It takes about one to two weeks while getting a mortgage after submitting a proper pre approval and about one month while sealing the deal. If you have read all this you have learned everything to get a mortgage in BC. Happy biding on home mortgages.

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